According to P&S Market Research, the global insulin delivery device market was valued at $9,998.3 million in 2015, and it is expected to grow at a Cagr of 6.6% during 2016-2022. Based on type, the insulin pump segment is expected to witness the fastest growth at a Cagr of 7.2% during the forecast period.
The global insulin delivery device market is growing at a significant rate, due to increasing prevalence of diabetes and growing geriatric population. The increasing prevalence of obesity, technological advancement in delivery devices and increasing awareness about diabetic care are also driving the growth of the global insulin delivery device market. However, the factors such as high cost of analogue and hazards and risks associated with drug delivery devices are inhibiting the growth of the global market.
Diabetes is a chronic disease caused, due to insufficient production or inappropriate use of insulin in the body. It is a collection of diseases characterized by elevated blood glucose level. It is mainly of three type’s Type 1, Type 2 and gestational diabetes. Diabetes is treated by regular physical exercise, healthy eating and medications. Insulin therapy is used for the management of Type 1 diabetes and it is also used in some cases of Type 2 diabetes. Insulin helps body cells to use the glucose in the food which a person eats. In addition, insulin treatment is needed permanently for diabetes Type 1 patients. Insulin in delivered with the help of various delivery devices, such as insulin pumps, pen injectors, insulin syringe and jet injectors.
Some of the key companies operating in the global insulin delivery device market include Novo Nordisk A/S, Medtronic PLC, Abbott Laboratories, Eli Lilly and Company, Insulet Corporation, Sanofi S.A., Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Animas Corporation, B. Braun Melsungen AG, and Ypsomed Holdings AG.